Johann Rupert Overtakes Dangote as Africa’s Richest Man in 2024

South Africa’s billionaire, Johann Rupert, has officially overtaken Aliko Dangote, the President of the Dangote Group, to become the richest man in Africa. Rupert’s rise to the top was highlighted in the latest Bloomberg Billionaires Index. Dangote, who held the title for several years, experienced a $1.7 billion decline in his wealth year-to-date. In contrast, Rupert saw his wealth increase by $1.87 billion during the same period.

The Bloomberg Billionaires Index, a daily ranking of the world’s wealthiest individuals, now positions the 74-year-old Johann Rupert as the richest person in Africa. Rupert controls Cie Financiere Richemont, the world’s largest luxury watchmaker, through a family trust. The Bellevue, Switzerland-based company is known for its prestigious brands, including Jaeger-LeCoultre and Cartier.

Beyond Richemont, Rupert’s other significant holdings include Remgro, an investment vehicle based in Stellenbosch, South Africa, with stakes in over 30 companies.

On the other hand, Aliko Dangote’s fortune is primarily tied to his 86% stake in Dangote Cement, a publicly traded company. He holds these shares directly and through his conglomerate, Dangote Industries. Dangote’s diverse investments span across sectors such as food manufacturing, fertilizer, oil, and other industries. Notably, he owns the Dangote Refinery, a 650,000 barrels per day integrated refinery located in Lagos State.

In the latest rankings, other African billionaires in the top five include South Africa’s Nicky Oppenheimer in third place with a net worth of $11.3 billion, Egypt’s Nassef Sawiris with $9.37 billion, and South Africa’s Natie Kirsh with $9.14 billion.

Globally, the top 10 richest individuals, according to the Bloomberg Billionaires Index, include:

1. Elon Musk (United States) — $236 billion

2. Bernard Arnault (France) — $198 billion

3. Jeff Bezos (United States) — $197 billion

4. Mark Zuckerberg (United States) — $185 billion

5. Bill Gates (United States) — $160 billion

6. Larry Ellison (United States) — $153 billion

7. Larry Page (United States) — $149 billion

8. Warren Buffett (United States) — $145 billion

Johann Rupert’s ascent as Africa’s richest man marks a significant shift in the continent’s wealth landscape, with his diversified investments and luxury brand portfolio driving his financial success.